BRUSSELS — The
COP29 Global Energy Storage and Grids Pledge has gained the support of 58
countries, including major players from all continents like Brazil, Kenya, the
US, Ukraine, numerous European countries, and dozens of organisations.
These signatories are taking the lead in implementing the
ambitious target of tripling renewables agreed at COP28, with action-oriented
goals for grids and storage set by the COP29 Presidency: deploying 1,500 GW of
energy storage, doubling global grid investments, and developing 25 million
kilometres of grid infrastructure by 2030.
This marks the first time that energy storage and grids have
been officially acknowledged as vital components for a successful energy
transition.
They are essential for providing the flexibility needed to
achieve the tripling of renewables targets, turning ambition into action.
While the support of the pledge is a significant step toward
delivering the global commitment to tripling renewables, wider participation is
required to fully unlock the potential of renewable energy and ensure energy
security for all.
With COP30 on the horizon, industry leaders are calling for
further endorsements and translation of these targets into actionable national
plans.
Bruce Douglas, CEO of the Global Renewables Alliance,
welcomed the global pledge but emphasised the need for concrete action to
implement the targets: "Having grids and storage in the international
spotlight for the first time is a monumental step forward. It's a sign that the
world is recognising the critical role of flexibility in delivering energy
security for future generations. The over 100 countries and organisations that
have signed this pledge are setting the standard as leaders and champions of
this vital agenda, and their commitment should inspire others to step up,
endorse the pledge, and take decisive action to meet these targets."
Douglas also highlighted the importance of finance in
developing economies to deliver on the targets: "Mobilising public and
concessional finance is crucial to unlocking private investment in the regions
that hold the greatest potential and the largest needs. Without this, the world
risks falling short of its commitments and leaving developing economies
behind."
Marcus Stewart, Head of the Secretariat at the Green Grids
Initiative, praised the leadership of the signatories: "These countries
are setting the pace for ensuring clean energy access for all. Their commitment
to expanding grids is fundamental to delivering the energy transition and sends
a clear signal for others to step up, as there is 'No Transition Without
Transmission'. The Green Grids Initiative stands ready to support these leaders
and collaborate with those bold enough to aim high, as only by working together
will we get the job done."
